First time buyers put January borrowing at 4yr high

New figures produced by E.surv suggest that mortgage borrowing reached a four year high in January of this year, with first time buyers using high loan-to-value mortgages said to be most responsible for the increase.

Mortgages to fund property purchases are said to be up 17%, reaching their highest levels since 2008. The biggest increase in borrowing was to people buying houses with a deposit of 15% or less, with one in eight house purchases being funded by a high loan-to-value mortgage. The government Funding for Lending scheme is thought to be a big factor behind the increase in borrowing, as lenders have introduced a large number of new house purchase mortgage products since the scheme was launched.

Commentators are keen to see if the increase in mortgage borrowing will be sustained into February and beyond.

If you are purchasing, selling or remortgaging a property in Northern Ireland and require a property solicitor to handle the conveyancing process for you, contact Wilson Nesbitt solicitors in Belfast or Bangor by calling 0800 840 9290.